On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) PRICE (Dolars per shirt) 100 90 PRICE (Dollars per shirt) 80 70 40 30 20 10 + C 100 90 8 Suppose there are 8 firms in this industry, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes. 2 60 80 Demand 50 40 D 30 8 10 50 QUANTITY OF OUTPUT (Thousands of shirts) 10 0 240 80 160 320 400 QUANTITY OF OUTPUT (Thousands of shirts) 480 100 At the current short-run market price, firms will -O- 640 720 800 Firm's Short-Run Supply Industry's Short-Run Supply Equilibrium in the short run. In the long run, ?

On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) PRICE (Dolars per shirt) 100 90 PRICE (Dollars per shirt) 80 70 40 30 20 10 + C 100 90 8 Suppose there are 8 firms in this industry, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes. 2 60 80 Demand 50 40 D 30 8 10 50 QUANTITY OF OUTPUT (Thousands of shirts) 10 0 240 80 160 320 400 QUANTITY OF OUTPUT (Thousands of shirts) 480 100 At the current short-run market price, firms will -O- 640 720 800 Firm's Short-Run Supply Industry's Short-Run Supply Equilibrium in the short run. In the long run, ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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then, plot the supply curve and equilibrium on the second photo
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